Meaning and determinants of demand - Jamb Economics Past Questions and Answers

Question 51:

• JAMB 2008

If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand

A. 0.5
B. 1.2
C. 2.5
D. 4.0

Question 52:

• JAMB 2009

A movement along the same demand curve is caused by the

A. Price of the product
B. Price of other products
C. Income of the consumer
D. Taste of the consumer

Question 53:

• JAMB 2009

The demand curve for a luxury goods is

A. Negatively sloped
B. Parallel to the price axis
C. Parallel to the quantity axis
D. Positively sloped

Question 54:

• JAMB 2011

If demand increases without a change in supply, equilibrium price and quantity will

A. Remain unchanged
B. Shift inward
C. Fall
D. Rise

Question 55:

• JAMB 2012

If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in

A. Consumers' income
B. Demand
C. Consumers' tastes
D. Quantity damanded